Oil gets boost from China, US economic reports

Published on NewsOK Modified: January 24, 2013 at 4:20 pm •  Published: January 24, 2013
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On Wednesday, oil dropped by $1.45 per barrel after crude shipments through the Seaway pipeline from Cushing, Okla., to refineries on the Gulf Coast had to be cut to less than half because of limited capacity. Supplies of benchmark crude at the crucial Cushing hub remain at the highest level in 20 years. That's expected to fall as the pipeline carries more crude.

Brent crude, used to price international varieties of oil, rose 48 cents to end at $113.28 per barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 3 cents to finish at $2.86 per gallon.

— Natural gas fell 11 cents to end at $3.45 per 1,000 cubic feet.

— Heating oil added less than a penny to finish at $3.09 a gallon.

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Pamela Sampson in Bangkok and Pablo Gorondi in Budapest contributed to this report.